Shakepay Review How Does This Crypto Exchange Compare?

Shakepay Review How Does This Crypto Exchange Compare?

While Shakepay only offers Bitcoin and Ethereum, Newton is a cryptocurrency brokerage offering a wide range of 48 coins. In this comprehensive Shakepay review, we will discuss how Shakepay works, its fees, pros and cons, and, most importantly, its safety and legitimacy. Note that transfers are usually instant, but in some cases, it may take up to an hour for Shakepay to receive your funds. Shakepay isn’t as old as the Coinbases and Binances shakepay review of the world but it has been exceptionally safe thus far. One thing that Shakepay has going for it that some other exchanges don’t is that there is actual regulatory oversight regarding the business.

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Since 2015, Shakepay has made it easy to buy and sell Bitcoin (BTC) and Ethereum (ETH) using Canadian dollars. Shakepay has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Discord, Reddit, TikTok and YouTube. Netcoins is a registered MSB with FINTRAC and registered with the British Columbia Securities Commission (BCSC) and the Canadian Securities Administrators (CSA).

Tradable assets

We’ll get into more detail further down in this Shakepay review, but let’s first look at some of the benefits and drawbacks of using this unique crypto exchange. No, Shakepay is a centralized cryptocurrency platform that facilitates the buying and selling of digital assets. Users can store crypto on Shakepay or transfer it to a private wallet of their own. Shakepay is a safe crypto exchange, implementing industry standard protocols to secure the money, accounts, and personal data of its customers.

• The difference between the actual charge amount and the rounded amount will be used to purchase the user’s cryptocurrency of choice.
• With more than 1 million users in Canada, more than $6 billion in digital currency have been traded on Shakepay since its inception.
• You can move your BTC to a personal cold wallet where you control the private keys.
• The card supports payments via Visa, a payment services giant, and allows users to make payments in millions of online merchant stores.
• Information found in this website are to be used at your own risk, Skrumble will be not liable for any loss or profit that derivates from the use of those.
• You can further protect your digital assets by moving them offline to a cold wallet like Ledger Nano X.
• In these situations, the user must provide two forms of documentation, in addition to a selfie.

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It only acts as a broker between itself and its users, facilitating the buying and selling of digital currencies. On the other hand, NDAX offers a wider range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash, and they have more advanced trading features. NDAX offers lower fees for high-volume traders and provides advanced trading tools such as margin trading and stop-loss orders. Shakepay is a small Montreal-based tech company that believes in empowering Canadians from all walks of life to gain financial independence through cryptocurrency trading. It is considered to be one of the best crypto exchanges in Canada. Regardless Shakepays non-existent fees are noteworthy and there are plenty of other crypto exchanges where you’ll find considerable fees for both deposits and withdrawals.

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Just like the recurring buy function, Shakepay offers an exclusive feature that enables you to automatically purchase small amounts of crypto at regular intervals. By linking your credit or debit card to your Shakepay card account, each purchase will be rounded up to the nearest whole dollar amount. ShakingSats is an interesting feature that’s unique to Shakepay, at least in Canada. If you join Shakepay through a referral link, you can get free crypto. You need to open the app every 24 hours and shake your phone (not a joke, just shake it), and free crypto will be deposited in your account instantly. They accepted my wire transfer, and then declined me for an account.

The material is not to be construed as an offer or a recommendation to buy or sell investments nor is it to be construed as investment advice. RankFi.com is not a registered investment, legal or tax advisor or a broker/dealer. All content should be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment. Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.

• One exclusivity of Shakepay, compared to other exchanges, is that the company is regulated.
• I e-transfered $400 to their app and bought Ethereum with it.
• NDAX is an excellent alternative if you want the lowest fees in Canada.
• While we strive for accuracy, the content on our Website, including articles, reviews, and opinions, is for informational purposes and may not always be up-to-date or error-free.
• You can convert your coins to cash and use the card anywhere Visa card is accepted like the Shakepay Card.
• It has taken them 6 days to return my cash that took me 30 minutes to wire.
• User accounts are secured by 2FA (two factor authentication).

They refused to justify this because they are not obligated with the Terms and Service agreement. As our security and risk assessment team have looked over your account, unfortunately the decision was made that we are no longer able to keep your account open. This means we are unable to add any funds to this account nor use any of the functions. An honest guy that just can’t seem to get ahead to injustice claims.

At Finty we want to help you make informed financial decisions. We do this by providing a free comparison service as well as product reviews from our editorial staff. However, if you are more experienced or want exposure to a broad range of cryptocurrencies, Shakepay is not a suitable choice. The main focus of the company is to let you buy and sell Bitcoin and Ethereum.

Limit orders is a Shakepay app feature that enables you to buy or sell BTC and ETH at a predetermined price. Simply select the currency for which you want to place a limit order and enter the highest price at which you would buy or the lowest price at which you would sell. After carefully walking through all of its services for this Shakepay review, we believe Shakepay is an excellent beginner on-ramp to crypto. The Shakepay card is technically a prepaid Visa, so it isn’t necessarily a fair comparison. Still, if the goal is earning crypto with purchases, spenders will earn more with the BlockFi card.

Accepted ID documents include a valid passport, Canadian driver’s license (with photo), ID cards from Canadian Provinces, Canadian residence permits, and foreign driver’s license. Upon submission, the Shakepay team will review the application and complete the verification within 24 hours to 4 days. To use the Shakepay Card, users must create and verify an account. However, free transactions are limited to Canadian merchants and payments only. International transactions involving foreign currency on the card attract a 3% foreign currency transaction fee.

To help determine if the card is right for you and answer the question, “Is Shakepay Card legit? ” we’ve highlighted its pros and cons in this Shakepay card review. The card is suitable for online users who need a seamless payment method. However, the card is only available to Canadians, so it’s not a viable payment option outside of the Great White North. The Shakepay card is a great alternative to everyday basic payments like groceries, gas, dinner, and other essentials. The prepaid card also offers free Bitcoin from chargebacks at no cost for all Canadian transactions.